Tajikistan Business Economy - The Times Of Central Asia

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EBRD Invested More Than €1.2bn In Central Asian Economies In 2023

The European Bank for Reconstruction and Development (EBRD) says it invested more than €1.2bn ($1.3bn) in projects across Central Asia in 2023 to stimulate the region’s sustainable growth. Uzbekistan remained the leading recipient of EBRD funding in the region for the fourth year running, attracting more than €700m ($760m). The remaining €518m ($560m) were channeled to support projects in Kazakhstan, Kyrgyzstan, Mongolia, and Tajikistan. In Uzbekistan, the EBRD continued investing in renewable energy power generation and low-carbon technologies. It financed the construction of three greenfield solar power plants with a total installed capacity of nearly 900 MW. The bank provided funds to ACWA Power Wind Karatau to finance the construction of a 100 MW wind power plant in the autonomous republic of Karakalpakstan. It also provided a sovereign loan to modernise 118 pumping stations and improve the sustainability of water supply for irrigation in the densely populated Fergana Valley. Samarkand became the first city in the country to join the EBRD Green Cities programme, and is planning to deploy ecologically friendly electric buses as part of this engagement. In the financial sector, the bank continued working with local financial intermediaries such as SQB, Hamkorbank and Ipak Yuli Bank to support SMEs and promote green lending. Highlights of the EBRD’s work in Kazakhstan include the launch of the GEFF Kazakhstan II and an investment in a local currency bond issued by the country’s transmission system operator, KEGOC. The funds will help make the country’s electrical grid more sustainable and reliable. The bank’s loan to China Power International Holding and Visor International will be used to build, operate and connect the 100 MW Shokpar wind power plant to the transmission grid. The EBRD’s loan to Kazakhstan’s largest private rolling stock operator, Eastcomtrans, will help expand container-handling capacity at one of the most congested junctions near Almaty and address the issue of bottlenecks along the Trans-Caspian corridor. Last year marked the completion of the street lighting system in Ust-Kamenogorsk (Oskemen), which allowed energy-efficient LED street lights to be installed on 150 streets. In the financial sector, the bank extended a new loan to the country’s leading microlender KMF to support green lending and women’s entrepreneurship. In Kyrgyzstan, the EBRD supported the modernisation of water supply services in the Batken and Jalal-Abad oblasts. The bank signed a number of sovereign projects aimed at modernising key transport and energy infrastructure, which will help improve the country’s connectivity and climate resilience. These projects included loans to upgrade a 30km section of the Issyk-Kul Lake ring road, increase the reliability of the national electricity transmission and distribution grid, and rehabilitate and modernise the Lebedinovskaya hydropower plant. The EBRD also completed the Bishkek landfill project last year, which will provide major environmental benefits for the more than one million people living in the country’s capital. The completion of three infrastructure projects in Tajikistan allowed more than 400,000 people in 13 municipalities across the country to enjoy better access to clean and safe drinking water. Last year the EBRD launched the GEFF Tajikistan II and extended new GEFF loans to Bank...

Central Asia Tajikistan Business Economy Business & Economy

Tajikistan Sums Up Economic Results For 2023

On January 24th Tajikistan's president Emomali Rahmon chaired a government meeting to review the country's socio-economic results in 2023, and outline the main tasks for 2024. Prime minister Qohir Rasulzoda reported that despite the impact of current global problems on the Tajik economy, the economic results for 2023 were positive. According to Mr Rasulzoda, the country’s gross domestic product grew by 8.3% and inflation was 3.8%, 0.4% lower than in 2022. A total of 729 new industrial enterprises were put into operation in the country and 230,000 new jobs were created. Electricity generation increased by 461 million kW/h compared to 2022. Agricultural production increased by 9%. In 2023 the country received US $2.6 billion of foreign investment, 4.4% more than in 2022. President Rahmon has outlined strategic goals for the government for 2024 — the rapid industrialization of the country through the introduction of new production capacities and activation of stagnant capacities, increasing the production of competitive import-substituting and export-oriented goods, and raising the number of small production enterprises and workshops in cities and districts.

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President Rahmon Invites Qatari Business to Invest in Tajikistan

During his state visit to Qatar on January 22nd, the president of Tajikistan, Emomali Rahmon, held negotiations in Doha with the emir of the state of Qatar, Sheikh Tamim bin Hamad Al Thani. During the meeting, it was proposed to launch joint transport-transit projects in order to expand the logistics networks between the two countries. This will facilitate the transportation of cargo and passengers, as well as transit to other countries, Rahmon’s press service reported. Also on January 22nd, Rahmon met with Qatar’s business community, expressing his views on a broad scope of cooperation opportunities with leading Qatari companies in the fields of agriculture, transport infrastructure, logistics, civil aviation, and tourism. The president emphasized that the government of Tajikistan is ready to support the proposals of investors to establish cooperation in these priority areas. In his speech to the Qatari business community, Rahmon spoke about the current economic situation in Tajikistan and the macroeconomic stability ensured in the country. The president said that Tajikistan’s GDP growth rate in the last 20 years has been more than 7% on average, and in 2023 reached 8.3%, while inflation was 3.8%. “Today, more than 720 public investment projects worth more than USD 13.8 billion are under implementation in our country.” Rahmon said that attracting investments is a priority for the Tajik government, and in this context, vast opportunities for investment have been created, and tax and customs incentives and guarantees are widely applied. According to Rahmon, Tajikistan’s aluminum production and lithium resources provide for favorable conditions for the production of electric vehicles. “That’s the two main types of materials for the production of electric cars available in our country,” he said. The president pointed out that industrial production can be another future direction of cooperation, adding that projects in the light industry, food, metallurgy, machine building, chemistry, production of construction materials and pharmaceuticals are a priority for Tajikistan. Rahmon also mentioned that Tajikistan is rich in mineral resources, with some 800 deposits of minerals, rare and precious metals, including copper, silver, gold, lead, lithium, antimony, nickel, tungsten, vanadium and other rare minerals having been discovered and partially prepared for mining in Tajikistan. The president added that the reserves of food salt in Tajikistan amount to more than 72 billion tons, which is sufficient to meet the consumption needs of all inhabitants of the planet for this product for more than 300 years.

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Infrastructure development: Qatari investors see prospects in Tajikistan

During a state visit to Qatar, Tajik president Emomali Rahmon met with Ahmad Muhammad Tayyib, the head of investment at the Qatari company Diyori, to discuss the implementation of the ‘Diar Dushanbe’ construction project. Qatari companies see prospects for investing in Tajikistan’s tourism infrastructure and social facilities. During the meeting with Mr Rahmon the parties expressed the need for timely realization of the next stages of construction of the project. The Diar Dushanbe project was identified as a “5-star multifunctional complex", which emphasizes its importance for the development of the region. Diar Dushanbe will have an autonomous system for water and energy supply. It will also include business and shopping centers, restaurants, cafes and apartments.

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Tajikistan Seeking to Become Key International Transit Hub

Over the next two years, 317 kilometers of international highways will be put into operation in Tajikistan, confirmed representatives of the Ministry of Transport. In 2024, Tajikistan will continue implementing projects for the reconstruction of highways, with the construction of 32 bridges, 5 tunnels with a length of 11.2 km and 7 avalanche corridors aiming to turn the country into an international transit route. "Special attention will be paid to the reconstruction of the Guliston-Kulyab (32.5 km), Dangara-Guliston (49.2 km), Guliston-Farkhor (40 km), and Bokhtar-Levakant-Dangara (40 km) highways," the ministry stressed. Earlier, at a meeting of the heads of transport departments of Central Asia, it was agreed to create the conditions for the development of the transport industry, Transport Minister of Tajikistan, Azim Ibrohim stated. The improvement of transport and logistics is aimed at strengthening trade between the countries of the region. The parties also approved a draft agreement on improving the connectivity of land transport to create new transport corridors in Central Asia, which will be signed during the meeting of the heads of the state.

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“Updates and Reforms”: Communications Service Expands Cooperation with Russian Federation

The establishment of cooperation with Russian companies gives a new impetus to the process of reforming and updating mobile communication networks in Tajikistan, the Communications Service of Tajikistan has stated, adding that a memorandum of cooperation has been signed with the Russian company, PITER IX in Dushanbe. The main purpose of the memorandum is to facilitate the process of modernization and reform in the telecommunications sector in the country. The Communications Service stated that the agreement provides for the introduction of information and communication technologies, the development of an electronic business system, access to broadband internet, and the distribution of 4G LTE and 5G-ce throughout the republic Earlier, the Communications Service signed a memorandum of understanding with the Moscow company, Digit, in the field of network security, which provides for the holding of joint seminars and events to strengthen cooperation in the information sphere, as well as communication technologies.